Bringing to reality its promised ‘Renewed Hope’ mandate, the President Bola Ahmed Tinubu led government on Tuesday, February 27, formally launched the $617 million Investment in Digital Economy and Creative Enterprises (iDICE) Fund, an initiative aimed at promoting investment in information and communications technology (ICT) and creative industries, as part of efforts to build better, inclusive and sustainable job.

The fund was launched by the Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa at the Omniverse Summit, a four-day dialogue that ended yesterday, which focused on actionable outcomes designed to generate practical action plans for the digital and creative economy.

Emphasising the fund’s significance, the minister said it has the potential to drive economic growth and development in Nigeria’s expanding digital and creative economy, adding that it would also engender inclusivity.

She said, “Today marks a momentous occasion as I proudly announce the groundbreaking of $617 million Investment in Digital Economy and Creative Enterprises Fund, also known as the iDICE fund. This fund represents a beacon of hope and opportunity for our creative community, offering unprecedented access to startup capital and resources essential for nurturing talent and fostering innovation.

“The iDICE fund epitomises the administration of President Bola Tinubu’s unwavering commitment to empowering our creatives and entrepreneurs, fueling economic growth, and driving socio-economic transformation across Nigeria. It is meant for cultural and economic expansion as well as inclusivity, to cut down all barriers.

“In line with the ministry’s comprehensive 8-point plan agenda, it lays the foundation for sustainable financing, skills development and market access within the digital and creative ecosystem,” Musawa added.

She explained that the provision for the intervention fund for the art was currently being looked into as the iDICE fund was not a substitute to it.

Commenting on the Omniverse Summit, Musawa said it presents a unique platform to network with industry leaders and gain insights from experts, adding that it serves as a powerful aggregator, bringing together the brightest minds, the most driven talents, and the innovative spirits of Nigeria’s creative landscape.

According to her, the platform also gives room for individuals to contribute to the development of policies and initiatives that would drive African innovation, creativity and entrepreneurship forward. She explained that collaborations and engagement among industry players and policy-makers were paramount in unlocking the full potential of Nigeria’s creative economy.

“I urge everyone to actively engage, foster collaboration and forge bonds that will not only drive our economy but also reshape the creative landscape of our nation. The ministry is organising numerous working sessions, serving as invaluable platforms for stakeholders to converge, exchange ideas, and co-create strategies to propel the industry forward.

“It is time we harness the full potential of our cultural influence. The iDICE fund coupled with amazing platforms such as the Omniverse summit that has convened our integrated ecosystem here today, will serve as a catalyst, providing support and access to burgeoning global markets,” she said.

On how the funds could be accessed by Nigerians, the National Programme Coordinator, IDICE fund, Ife Adebayo, said it would be disbursed by Adventure Capital Ltd. He noted that the funding banks were: African Development Bank (AfDB), the Islamic Development Bank, Agence Française de Développement and the Bank of Industry (BOI).

Earlier, Director-General, National Council for Arts and Culture (NCAC) and convener of the summit, Obi Asika, explained that the forum was created for the purpose of collaboration and networking, which were highly needed in advancing any industry.

The Co-Convener of the summit, Charles Emembolu, , while explaining the essence of the gathering, urged everyone to collaborate, invest and participate in a digital revolution that transcends borders.

Emembolu, who is the Chairman, Advisory Board of the Innovation Support Network (ISN), said, “Nigeria’s digital landscape had become ripe with opportunities. As we look back at the last 25 years, we see a nation that has overcome challenges, embraced innovations and produced world-class unicorns.”

“Now, the stage is set for even greater achievements. At this inaugural event, the Omniverse offers the perfect opportunity to experience our digital innovation ecosystem, build partnerships and break silos.

“This event has been brought to you by 18 ecosystem players who have volunteered time including weekends to bring us all together. My gratitude goes to them all, to our sponsors, partners and support system, locally and globally,” he added.